CSI Board Authorizes $5 Million Addition to Share Repurchase Program
PADUCAH, Ky., Jan. 9, 2012 /PRNewswire/ -- Computer Services, Inc. (CSI) (OTCQX: CSVI) announced that its Board of Directors authorized a $5.0 million increase in the Company's share repurchase program. "We believe the $5.0 million increase in our share repurchase program highlights the Board's confidence in the future of CSI," stated Chief Executive Officer Steven A. Powless. "CSI continues to generate strong cash flows from operations that will be used to fund the share repurchase program. We believe CSI's stock represents an attractive investment at current prices in light of our earnings growth and our strong capital position.
"We expect to further leverage our operations with the addition of HEIT Consulting, Inc. that we acquired on September 1, 2011. The additions of HEIT, plus the companies we acquired over the past few years, are expected to be key drivers of our future growth. We remain positive about our future based on the prospects for our new products and services, diversified revenue mix and high percentage of recurring revenues generated from our long-term data processing contracts," concluded Mr. Powless.
The $5.0 million increase in the share repurchase program brings the total to $60.0 million since CSI's share repurchase program was initially announced in March 2004. The share repurchase program may be carried out through open market purchases, block trades and in negotiated private transactions.
About Computer Services, Inc.
Computer Services, Inc. (CSI) delivers core banking, payments processing, Internet, card services, risk assessment, fraud prevention, network management, regulatory compliance and document delivery solutions to financial institutions and corporate entities across the nation. Technology planning, personal account management and world-class customer service explain why CSI is known as one of the nation's premier providers of technology solutions for the financial services industry. CSI's stock is traded on OTCQX under the symbol CSVI. For more information about CSI, visit www.csiweb.com.
This news release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. All statements except historical statements contained herein constitute "forward-looking statements." Forward-looking statements are inherently uncertain and are based only on current expectations and assumptions that are subject to future developments that may cause results to differ materially. Readers should carefully consider: (i) economic, competitive, technological and governmental factors affecting CSI's operations, customers, markets, services, products and prices; and (ii) other factors discussed in CSI's Information and Disclosure Statements and other documents posted from time to time on the OTCQX website, including without limitation, the description of the nature of CSI's business and its management discussion and analysis of financial condition and results of operations for reported periods. Unless required by law, CSI undertakes no obligation to update, and is not responsible for updating, the information contained in this release beyond the publication date, whether as a result of new information or future events, or to conform the statement to actual results or changes in CSI's expectations, or otherwise or for changes made to this document by wire services or Internet services.
SOURCE Computer Services, Inc.